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Emirates Transport posts AED182.4mn net profit for 2016

DUBAI / WAM Emirates Transport (ET), announced net profits of AED182.4 million for 2016, an increase of 25 percent on 2015, as revenues also rose to AED2.395 billion, recording an increase of 10 percent on the previous year. The figures were revealed in the federal transport corporation’s Annual Report 2016. Mohammed Abdullah Al Jarman, General Manager of ET, said the ...

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AFZ opens grand offices building

AJMAN / WAM Ajman Free Zone (AFZ) inaugurated the “Grand Offices” building on Tuesday morning, on Sheikh Khalifa bin Zayed Street, close to all the city’s necessary facilities to fulfil the business needs of investors. During the inauguration, Mahmoud Khalil Al Hashemi, Director-General of Ajman Free Zone, stressed that new office space location was in response to the growing demand ...

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Kuwait joins Saudi Arabia, Russia to seek oil cuts into 2018

Bloomberg Kuwait joined Saudi Arabia and Russia in supporting an extension of oil-output cuts by OPEC and other global producers through the first quarter of 2018 to help trim global stockpiles. An extension of the cuts at already agreed-upon volumes is needed to reach the goal of paring world inventories to their five-year average, Kuwait’s Oil Minister Issam Almarzooq said ...

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Oil rides longest rising streak in over a month

Bloomberg Oil rode its longest rising streak in more than a month as a proposal by the world’s two biggest crude producers to extend output curbs into 2018 boosted confidence that other nations will follow suit. Futures climbed for a fifth day in New York, adding to a 2.1 percent jump after the Saudi and Russian energy ministers said they ...

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Malaysia’s Petronas gets flexible on LNG contracts

KUALA LUMPUR / Reuters Malaysia’s state energy firm Petronas may try shorter-term LNG contracts and smaller cargo sizes to entice buyers, senior company officials said, at a time when it has major contracts coming up for renewal and the market is awash in supply. The liquefied natural gas (LNG) marketing drive at Petroliam Nasional Berhad, or Petronas, coincides with rising ...

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China eyes US energy after $20bn ‘Belt and Road’ deals

Bloomberg China is setting its sights on US energy as a growing reliance on imports forces it to look beyond traditional suppliers, according to the head of the country’s biggest oil and gas company. China National Petroleum Corp. will import more crude oil and natural gas from US and will consider participating in America’s growing liquefied natural gas export industry, ...

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Singapore property comeback fueled by developers’ hunger

Bloomberg Developers’ hunger for Singapore land is adding to signs that the city’s housing market is making a comeback after three years of price declines. As new home sales surge after an easing of property restrictions in mid-March, developers are becoming more aggressive in bidding at land auctions. On average, they’ve paid a 29 percent premium, the highest level in ...

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Samsung to explore next-gen biologics

Bloomberg The Samsung brand is best known for its smartphones and wide-screen TVs. Yet behind the scenes, the conglomerate is also making a name as a contract manufacturer of complex medicines to treat diseases like cancer. On a piece of reclaimed land along the western coast of South Korea, Samsung BioLogics Co. is building a $740 million factory that will ...

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